You are here: Home » Economy & Policy » News
Business Standard

India's oil imports from Iran fall over 15% in June amid US sanctions fears

India, Iran's top oil client after China, has asked refiners to look for alternative oil as the nation may have to drastically cut imports from Tehran to comply with the renewed US sanctions

Nidhi Verma & Sai Sachin Ravikumar| Reuters  |  New Delhi 

Refiners in the country cut imports of Iranian oil last month, as they started weaning their plants off crude from the country to avoid sanctions by the US that are set to take effect in November. India’s monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 per cent from May, according to data from industry and shipping sources. The US in May said it would reimpose the sanctions after withdrawing from a 2015 agreement with Iran, Russia, China, France, Germany, and Britain, where Tehran had agreed to curb its nuclear activities in return for ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, July 12 2018. 00:09 IST